Kim Jung-tae, Chairman of Hana Financial Group, Earned 2.4 Billion KRW Last Year... Top Among Heads of the Four Major Financial Groups
Yoon Jong-kyu KB Financial Chairman 1.7 Billion, Cho Yong-byeong Shinhan Financial Chairman 800 Million
Average Employee Compensation Highest at KB with 172 Million Won
Shinhan and Hana Both at 145 Million Won
[Asia Economy Reporter Minwoo Lee] The annual salary of Kim Jung-tae, Chairman of Hana Financial Group, last year was revealed to be 2.4 billion KRW. This amount is three times the salary of Cho Yong-byeong, Chairman of Shinhan Financial Group. It was also about 700 million KRW more than that of Yoon Jong-kyu, Chairman of KB Financial Group.
According to the "Governance and Compensation System Annual Report" disclosed on the 5th by KB, Shinhan, and Hana Financial Holdings, the total compensation paid to Chairman Kim last year was 2.4 billion KRW. Of this, the performance bonus was 1.51 billion KRW.
This is a decrease of 230 million KRW from the previous year's total compensation of 2.63 billion KRW (including a performance bonus of 1.79 billion KRW). It is interpreted as an effect of the reduction in long-term performance bonuses, which are calculated by reflecting Hana Financial's stock price and other factors over a three-year period.
Chairman Kim's compensation rose sharply from 1.75 billion KRW in 2018 to 2.49 billion KRW in 2019, and then recorded over 2 billion KRW for three consecutive years. He took office as chairman of Hana Financial Group in 2012 and will complete his 10-year term on the 25th of this month.
Yoon Jong-kyu, Chairman of KB Financial Group, received a total compensation of 1.73 billion KRW last year. Of this, the performance bonus was 880 million KRW. This is about 900 million KRW less than the previous year's 2.66 billion KRW (including a performance bonus of 1.86 billion KRW).
Cho Yong-byeong, Chairman of Shinhan Financial Group (CEO of Shinhan Financial Holdings), received 800 million KRW in compensation last year. There was no performance bonus. This is 500 million KRW less than the previous year's 1.3 billion KRW (including a performance bonus of 500 million KRW).
The average compensation for employees was highest at KB Financial with 172 million KRW. This is an increase of 6 million KRW (3.6%) compared to last year. Shinhan Financial and Hana Financial recorded 145 million KRW each, increasing by 3 million KRW (2.1%) and 10 million KRW (7.4%) respectively.
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Meanwhile, among the four major financial holding companies, Woori Financial Group is expected to disclose Chairman Sohn Tae-seung's salary through the business report announced immediately after the shareholders' meeting on the 25th.
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